Slam dunk seasons from the New York Knicks and Rangers should bode well for parent company Madison Square Garden Entertainment , according to Bank of America. “We anticipate healthy F3Q results supported by strong demand for live experiences,” said analyst Peter Henderson. “In our view, results should reflect solid venue rental activity, the benefit from strong regular season performances for the Knicks and Rangers which likely drove healthy attendance and per cap spending as well as support from 10 Radio City Christmas Spectacular shows in January 2024.” Both the basketball team and hockey team have been on a solid winning streak this season, earning spots in the playoff rounds. The Knicks’ blowout run has in part stemmed from a strong performance from point guard Jalen Brunson. Shares of the company are already up about 26% year to date. While a playoff run may bode well for shares, Madison Square Garden Entertainment could potentially reap an even bigger reward if the teams make it to the championship. This is because a partial playoff run may be accounted for in the forecast but not a longer bid for a championship, Henderson said. MSGE YTD mountain Madison Square Garden Entertainment shares year to date. Given this outlook, the analyst upped his price target to $43 from $41 a share, reflecting about 8% upside from Tuesday’s close. He also hiked the fiscal third-quarter revenue estimate to $229 million and revised his full-year forecast to $942 million, which is slightly above the midpoint of the company’s $930 million to $950 million range. “MSGE’s solid market position will continue to help the company benefit from demand for live music/entertainment events,” he wrote. “We believe MSGE presents an attractive opportunity to own a growth-oriented, pure-play live entertainment company.”
EMEA Tribune is not involved in this news article, it is taken from our partners and or from the News Agencies. Copyright and Credit go to the News Agencies, email news@emeatribune.com Follow our WhatsApp verified Channel
